Japanese Prime Minister Fumio Kishida reiterated his country's commitment to fostering the Web3 industry, emphasizing its potential to revolutionize the internet and drive social change. Speaking at the WebX conference in Tokyo, Kishida highlighted the significance of Web3 in driving innovation across various sectors and encouraged collaboration among industry players to spark new projects. He referred to Web3 as a "new form of capitalism" with the potential to address social issues and drive growth.
During the event, Binance CEO Changpeng Zhao announced that the cryptocurrency exchange will launch its services on the new Japanese platform in August 2023. This move signals Binance's return to Japan after acquiring the local trading platform Sakura Exchange Bitcoin ( SEBC) in November 2022.
Hagiuda Koichi, chairman of the Japan Liberal Democratic Party Policy Research Association, also addressed the conference, highlighting Japan's efforts to establish a robust regulatory framework to protect investors and promote Web3 policies. He mentioned the "Start Next Innovator" project, which aims to send 1,000 entrepreneurs and students to Silicon Valley for a five-year campaign to incubate Web3 startups, as crucial for fostering Web3 businesses in Japan.
Binance CEO CZ praised Japan's innovation-friendly approach to the industry, calling it a "leader in the Web3 regulatory environment." He emphasized Japan's clear cryptocurrency trading regulations dating back to 2017, as well as recent frameworks for cryptocurrency listings and stablecoin regulations. CZ shared his personal connection to Japan, having lived there early in his career as a developer.
In June 2023, Japan made headlines in the Web3 space when the national tax agency amended legislation to exempt token issuers from paying corporate tax on unrealized cryptocurrency gains. This move is seen as a step to support the growth of the Web3 industry in the country. With the government's continued support and proactive regulatory approach, Japan aims to be at the forefront of Web3 innovation and adoption in Asia.
